On July 11th 2017, General Resolution No. 5/2017 (the “Resolution”) of the Argentine Business Entities´ Controlling Body (“IGJ”) was published in the Official Gazette. In accordance with this Resolution, a Limited Liability Company (“LLC”) which is filed with IGJ under an expedited process may be incorporated in 24 hours.
Pursuant to this Resolution, LLCs may be incorporated in 24 hours provided there are no objections to their registration. The interested parties must file with IGJ, from 8 to 9 am, without any appointment, all documentation necessary for incorporating the LLC. In addition, the Resolution introduces the submission of the Tax Authorities (AFIP) Form 185 which is completed via IGJ´s webpage.
After the 24-hour term, the incorporation will be completed and IGJ will deliver the incorporation certificate together with the LLC´s Single Tax Identification Code (“CUIT”) and the LLC´s corporate books duly signed. Therefore, the proceedings required for the immediate operation of a new company are reduced.